, Oct. 30, 2019
/PRNewswire/ -- Seneca Biopharma, Inc., (fka Neuralstem, Inc.) (NASDAQ: CUR), a clinical-stage biopharmaceutical company developing novel treatments for diseases of unmet medical need, and Jiangsu QYuns Therapeutics Co., Ltd., a China
-based company focused on monoclonal antibody therapeutics, jointly announce that they have entered into a non-binding term sheet for the licensing of certain assets owned by QYuns.
Subject to entering into definitive agreements and receiving necessary approvals, Seneca
and QYuns will enter into a royalty- and milestone-free, perpetual, non-cancelable, exclusive worldwide, other than in Greater China
(which includes Hong Kong
and certain other Asian territories) license to develop and commercialize certain of QYuns' assets, including QX005N, targeting IL-4R?, QX002N, targeting IL-17A, QX004N targeting IL-23A, and QX006N targeting IFNR?. As contemplated by the term sheet, Seneca
will also gain access to future antibody assets developed by QYuns and the parties will collaborate on future pipeline expansion. Upon entering into the license, Seneca's
lead asset will be SNC005 (QX005N) that targets IL-4R? for the treatment of Asthma and Atopic Dermatitis. As consideration for the license, Seneca
will issue QYuns a yet to be determined amount of common stock.
"The anticipated in-licensing and collaboration with QYuns, as well as our access to QYuns' future pipeline assets, is consistent with Seneca's
new focus on developing and commercializing de-risked assets. We are excited that our lead asset SNC005 is going to be developed with a strategy of fast-follower, to a marketed therapy in the same indications that have estimated peak annual sales of $5.8 Billion
," said Dr. Ken Carter
, Executive Chairman of Seneca Biopharma. Commenting further, "In the US alone, there are estimated to be over 25 million people suffering from Asthma and 18 million from Atopic Dermatitis that we hope could benefit from our therapies."
"Seneca Biopharma offers a global pathway for us to rapidly expand the growth of our monoclonal antibody portfolio," said Mr. Jiwan Qiu CEO of QYuns Therapeutics. "QYuns looks forward to a very fruitful collaboration with Seneca Biopharma to bring our treatments to more patients worldwide."
About Seneca Biopharma
Seneca Biopharma, Inc., (NASDAQ: CUR) is a clinical-stage biopharmaceutical company developing novel treatments for diseases of unmet medical need. Seneca
is in the process of finding and acquiring new assets, promising science and technologies that will provide meaningful therapies for patients.
It is anticipated that Seneca
will start trading under its new ticker symbol, NASDAQ: SNCA on or about November 1
Cautionary Statement Regarding Forward Looking Information
This news release contains "forward-looking statements" made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to future, not past, events and may often be identified by words such as "expect," "anticipate," "intend," "plan," "believe," "seek" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Specific risks and uncertainties that could cause our actual results to differ materially from those expressed in our forward-looking statements include risks inherent in the development and commercialization of potential products, uncertainty of clinical trial results or regulatory approvals or clearances, need for future capital, dependence upon collaborators and maintenance of our intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements. Additional information on potential factors that could affect our results and other risks and uncertainties are detailed in Seneca Biopharma's periodic reports, including its Annual Report on Form 10-K for the year ended December 31, 2018
as well as its subsequent quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission (SEC). We do not assume any obligation to update any forward-looking statements.